Maravi

(NEWZIMBABWE) Mugabe: Zim to revive currency

COMMENT - Zimbabwe should have tried local currencies to keep commerce going and take pressure of the national currency.

Mugabe: Zim to revive currency
by Cris Chinaka
26/06/2009 00:00:00

PRESIDENT Robert Mugabe says Zimbabwe may revive the use of its own currency because the US dollar introduced to tame hyperinflation was unavailable to a majority of people.

The state Herald newspaper on Friday quoted Mugabe as saying his new unity government with rival Morgan Tsvangirai was battling to ease economic hardships, but that Zimbabwe could not have a system where rural people were forced to trade their livestock.

"We cannot have a country like that. We are reviewing this so that we can go back to the use of our own national currency," he was quoted as telling a meeting of his Zanu PF party.

Mugabe said while Zimbabwe had allowed the use of multiple foreign currencies in January to stem hyperinflation of over 230 million percent which left the Zimbabwe dollar almost worthless, this had caused untold suffering because rural people had no access to the dollars and South African rands circulating in towns.

His comments contradicted those of economic planning minister Elton Mangoma who told a mining investment conference in London on Tuesday Harare had no plans to move away from the US dollar until southern Africa adopted a regional currency. - Reuters

Labels: MUGABE, ZIMBABWE DOLLAR

posted by MrK @ 4:47 PM